The Town of Manchester Connecticut Real Estate Market Report – April 2014

I love living in Manchester Connecticut. Aside from being the  town where I bought my first home in the United States, this city has more than 1,000 acres of park land, a range of housing styles and prices in attractive neighborhoods, Manchester Memorial Hospital, Manchester Community College – an award-winning school system, performing arts organizations, libraries and friendly, community-spirited residents.(Source: http://www.townofmanchester.org/).

Manchester CT Sold Home

Manchester CT Sold Home

Currently, there are 196 Single Family Homes available for sale in Manchester Connecticut. The most expensive home is listed at $649,900 with 6,952 square feet, 7 bedrooms and 7 1/2 bathrooms.

The average listing price is $223,264 with 1,822 square feet, 3 bedrooms and 1 1/2 bathrooms. There is no significant change in the average listing price from the last month’s report.

(Click the image to enlarge view)

Manchester Connecticut Real Estate Market Report

There are 95 properties currently under contract as of this writing. Last month, there were 98 properties. This month’s average listing price for properties with pending sale is $167.503 with 1,589 square feet, 3 bedrooms and 1 1 1/2 bathrooms. The average listing price for properties with pending sale last month is $169,621 with 1,604 square feet, 3 bedrooms and 1 1/2 bathrooms.

Based on this data, the average listing price per square foot for this month is $105.41 compared to $105.75. This means there has been no substantial drop or increase in the Manchester CT’s home values.

Manchester CT Homes Under Contract

In February, 19 homes were sold at the average price of $172,868 with average square feet of 1,716, 3 bedrooms and 1 1/2 bathrooms. March performed better with 41 properties to boast with average price of $186,568, average square feet of 1,744, 3 bedrooms and 1 1/2 bathrooms. The average days on the market for February and March are 70 and 82 days, respectively.  The ratio of List Price to Sale is $99.51 and $95.24 in February and March, respectively.

This means that although the number of units sold in March is higher by 22, the sold price in February is much closer to the listing price.

Manchester Connecticut Real Estate Market Report

 

Manchester Connecticut Real Estate Market Report

Using a 3-month sales history, the current absorption rate is 27.66. At this rate, the current inventory of 196 units is expected to be depleted within 7 months.

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Flying Solo and The Kwan for a Wingman

Jerry Maguire, played by Tom Cruise, was a lustrous and  glossy sports agent with 72 clients to brag and 264 calls a day to make. But all of a sudden, a breakthrough emerged  as he reprimanded himself by not finding the simple pleasures in job.

The revelation led to a revolutionary mission statement. The  bottom line: Fewer Clients; More Attention; Less Money. The key to the business is personal  relationship.

His mission statement, albeit the accolades and ennobling  objective, got him fired.

So where  does the Flying Solo and Kwan come into the picture?

Jerry had no choice but to leave the Goliath company — armed  only with his inspiring vision under his wings to make a difference.

Rod Tidwell was the only client who stayed with Jerry.

On a Monday Night Football Game, Jerry jabbed into Rod’s  brain and heart the KWAN. The very own word coined by Rod which means love,  respect, community… and the dollars too. Rod clamored for the KWAN and entrenched  this word to Jerry before he swore his loyalty to him.

From what looked like a somersault in the air, Rod managed a  touchdown. The audience was held captive in anticipation, agony and vertiginous  falling sensation when Rod remained unconscious after hitting the ground.

Recovery ensued as he slowly opened his eyes, and then slowly  moved up to dance to the cheering crowd.

The Personal  Relationship

The most touchy-feely and pivotal scene in Jerry Maguire’s  movie was when Cuba Gooding and Tom Cruise hugged each other exalting without a  doubt of obscurity the depth of their client-agent relationship.

Another football player who witnessed the sincere and  emotion-drenched embrace between Cuba and Tom asked his agent, “How come we  don’t have that kind of relationship?” Then the athlete left his surprised agent  behind.

The Solo  Flight is not for Everyone

I am not here to profess that flying solo is just a simple  and graceful swan-like spreading of the wings. What works for me does not mean  it will work for the other agents. I  detest bureaucracy. I don’t like  manager looking over my shoulder and asking me, “What have you done for me  lately.” I believe I can do better without a person telling me what to do and  what not to.

I cut the Gordian Knot despite the lack of arsenal that other  huge companies are equipped with. I  have the support of a cyber-based community among others. Thanks to Active  Rain.

Here is my  Question to you

Would Fewer Clients, More Attention and Less Money work for  you? Money is a very strong  enticement. Can you achieve More  Clients, Unwavering Attention and More Money at the same time?

For the highly successful and most productive agent, this  could be achievable. But my question  is, “Did you ever feel that you have compromised personal touch or relationship  as you increase your business?”

Hiring competent assistant is the obvious solution. However, be honest and sincere. How do you  maintain personal relationship as you expand your piece of the pie?

I love  my solo flight as long as my wingman stays with me.

Shine Bright like a Diamond in the  Sky

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How Animals can Teach Humans Lessons in Life

Dog owners know exactly what their babies shower them unconditionally: Loyalty, companionship, love, and therapy.

Statistics and studies proved that there are health benefits  than can be derived from owning dogs or other pets such as cats, fish, birds, etc.

Aside from the health benefits they provide, we, the dominant species, can learn lessons in life from animal behavior. Motivation, learning, cognition and emotion shape an animal’s behavioral decisions.

Yes, animals function and interact with their brains and emotions too. And the most neurological common ground between humans and animals is the survival instinct.  According to NYU scientist Joseph Ledoux, “The survival circuit concept integrates ideas about emotion, motivation, reinforcement, and arousal in the effort to understand how organisms survive and thrive by detecting and responding to challenges and opportunities in daily life.”

How animals respond to challenges in life will fascinate you as you read the following story.

One day a farmer’s donkey fell down into a well. The animal cried piteously for hours as the farmer tried to figure out what to do. Finally, he decided the animal was old, and the well needed to be covered up anyway; it just wasn’t worth it to retrieve the donkey.

He invited all his neighbors to come over and help him. They all grabbed a shovel and began to shovel dirt into the well. At first, the donkey realized what was happening and cried horribly. Then, to everyone’s amazement he quieted down.

A few shovel loads later, the farmer finally looked down the well. He was astonished at what he saw. With each shovel of dirt that hit his back, the donkey was doing something amazing. He would shake it off and take a step up.

As the farmer’s neighbors continued to shovel dirt on top of the animal, he would shake it off and take a step up. Pretty soon, everyone was amazed as the donkey stepped up over the edge of the well and happily trotted off!

MORAL :

Life is going to shovel dirt on you, all kinds of dirt. The trick to getting out of the well is to shake it off and take a step up. Each of our troubles is a steppingstone. We can get out of the deepest wells just by not stopping, never giving up! Shake it off and take a step up.

Are you Ready to Drive an Office on Wheels?

When it comes to service differentiation and reinventing the wheels, Margie Peck of Arizona won me over when I read the article in Realtor Magazine Making A Difference, One Short Sale at a Time.

In keeping up with the competition or to sustain competitiveness, business should create, communicate and deliver value to customers. 

But how do business create, communicate and deliver value to customers? 

 Without a doubt, the offshoot of technology proves that print ads are cocooning into obsolescence.

Loyalty marketing is now the trend for people in the know in the marketing field. Loyalty marketing is the practice of using technology to build customer     relationships. Consumers make purchase decisions based on a combination of economic value and emotional appeal. This line of thought is very much   aligned with emphatic insight that even if the firm holds a regular share of the market for its products, it has to maintain customer loyalty by adding value through product innovation and excellent customer service. Customer is King.

Therefore, if we help our customers save time then we are adding value to our service.

 So, let us take a look at how Margie Peck drive her Office on Wheels 

** portable scanners (without internal memory),

**iron key password-protected flash drives, and a

**secured digital signature application on tablets.

They scan and secure clients’ financial documentsEvery member of their team brings everything needed to make the collection of documents secure on-the-go and directly from the clients’ home.

They use a template for typing up all their clients’ documents so anyone at the bank can read them.

Her team also records every conversation they have with lenders and types notes into the system, which the home owner can access.

And every phone interaction is backed up with a .wav file and kept in an encrypted, secure location.

Wheeew! Is your office ready for a test drive yet? In my case, it will be making a difference one wheel at a time.

 

After the Tempest, the Nature Will Continue to Run its Course

Pray, Wait and See are most humans natural actions/reactions while awaiting for the natural calamity to lash its fury upon us.
After a while, it’s back to normalcy and life moves on. 
Just like nature, human is such a complex subject. This complexity explains why getting along with everybody becomes an impossible task or undertaking.
But because we are in the sales business, embracing both the significant and the underling is a primordial requisite to keep buoyant lest be drowned by your lack of resilience and sensitivity.
  • Doppler Effect of Communication: There is always a distortion between what a speaker says and what a listener wants it to be. The speaker here can be you, the realtor, and the listener would be your seller. No matter how clearly you talk about your facts pertinent to the market conditions in pricing the house strategically for competitive advantage, your seller could not agree with you because his auditory sense refuses to listen or his ears interpret what you say differently. This happens all the time when seller’s perception is very subjective as to the value of his home.

Your number is not the kind of music he wants to hear. Try a different technique or system. Perhaps, he is more of a visual person. Use a graph, chart or a video to capture his attention.

You may encounter the same dilemma in dealing with the buyers. The buyer’s opinion of the price is very subjective too especially in a market condition conducive to his advantage. If he loses many opportunities because of low-ball offers, stock cards showing all the properties he made an offer on and the number of times he lost should give him a better picture.

  • The Centrifugal Force of Arguments: The farther you move from the core of the problem, the faster the situation spins out of control. Realtors are negotiators. Some show flair for drama. While others display rigidness by sticking with their guns. Before our emotions muffle the issue, we should attack the situation by revisiting the problem and exhausting the options on how both parties we are representing can reach an amicable agreement. Let us put our ego away in trying to prove who is the best or better negotiator and tuck it somewhere else. Pick the ego up later on and put it to use on your other endeavors.

  • The Law of Relative Gravity: Lighten Up. A problem is only as heavy as you let it be. My blog Real Estate is not for the Faint of Heart is soused with personal real estate mire, predicament and mess. After years and years in the business, I have learned to use wipes to sensitize unwanted dirt in my judgement, glasses for a clearer vision, an anchor for a steady footing, and a delicious strawberry shake as a treat for a wonderful day. Albeit the trying and challenging times, real estate is still our business. The business we choose to keep. Be steadfast, not weak. Have passion, not obsession. Commit to patience, not temperamence.

May this quote lift your day up. I have heard there are troubles of more than one kind. Some come from ahead and some come from behind. But I’ve bought a big bat. I’m all ready you see. Now my troubles are going to have troubles with me!” ― Dr. Seuss

Whose Fault is It?

Nothing is more frustrating and exasperating than a huge closing hurdle beyond our control. 

First of all, whose fault is it?

And could have this been avoided? 

The answer is a resounding YES.

Aside from exercising extra due diligence as buyer’s agents, we should NEVER RELY  on the listing agent’s listing information and seller’s disclosure.

Attention Listing Agents:  

Please spare us, the buyer’s agents and buyers the agony and excruciating process if you don’t know that you are not listing a FEE SIMPLE property.

     —  Paragraph 10 of the Greater Hartford Association of Realtors Real Estate Purchase Contract clearly states that Seller will transfer TITLE to              FEE SIMPLE PROPERTY not a LEASEHOLD or Property subject to GROUND LEASE.          

         Fee Simple Property is abolute ownership. The holder is entitled to all rights to the property and is limited only by public restrictions such as              zoning and private restrictions such as convenants in the case of condominiums.

 

Attention Sellers:

Do not check out  NO on box no. 36 of the State of Connecticut Department of Consumer Protection Residential Property Condition Disclosure Form wherein it asks if the property is subject to any land restriction. Please do not lie and tell your agent when the buck was passed on that you don’t know that your property is on a GROUND LEASE when you pay $23 every month for the lease.

This early morning gusts of rambling is brought to you by the storm Sandy whose fury will be felt the until tomorrow night here in my neck of the woods.

Real estate likens a storm. It’s unpredictability is inherent in the beginning, the middle and the end. 

It does not promise verdant oasis nor smooth sailing.

But as realtors, we can send out advisory so we become more prepared and not get caught in the midst of chaotic conditions. 

“Be thou the rainbow in the storms of life. The evening beam that smiles the clouds away, and tints tomorrow with prophetic ray.”
 Lord Byron

 

 

 

 

Spooking Downtown Manchester Connecticut

Downtown Manchester is a classic, turn-of-the century center which boasts almost 195 unique retail shops, professional services and restaurants. This part of Main Street- stretching from the corner of East Center Street up to the Charter Oak and Main street junction- dresses up for the Halloween. Passersby and sidewalk promenaders could not miss the eye-catching decors put together by different organizations and business owners along MAIN street. Here is a peek to the Festive Downtown Manchester at its spookiest, funniest and liveliest time of the year.